IFC to Support Central Bank of Nigeria in Strengthening Sustainable Banking

Lagos, Nigeria, May 15, 2013 - IFC, a
member of the World Bank Group, today signed an agreement with the Central
Bank of Nigeria to support the implementation of standards, policies and
guidelines for environmental and social best practices in the Nigerian
banking sector, with the aim of promoting sustainable and inclusive growth
of the Nigerian economy.

As part of the agreement IFC will train Central
Bank staff on how to supervise the financial sector in the implementation
of the Nigerian Sustainable Banking Principles and Sector Guidelines, passed
by the Central Bank of Nigeria in July 2012 and signed by all Nigerian
banks.

The Nigerian Sustainable Banking Principles
include commitments by the signatories to integrate environmental and social
considerations into business activities, respect human rights, promote
women’s economic empowerment, and promote financial inclusion by reaching
out to communities that traditionally have had limited or no access to
the formal financial sector.

Aisha Mahmood, Sustainability Advisor to the
Governor of the Central Bank of Nigeria, said, “Working with IFC will
help us further develop existing practices and capacities on environmental
and social risk management among financial institutions. As regulators
of the Nigerian financial sector, we recognize that financial institutions
are key drivers in supporting sustainable economic growth.”

The partnership with the Central Bank of Nigeria
is part of IFC’s Environmental Performance and Market Development Program,
which aims to encourage sustainable lending standards among financial institutions
in Sub-Saharan Africa and to promote environmental and social standards
at a market level.

Solomon Adegbie-Quaynor, IFC Country Manager
for Nigeria, said, “Sustainable business practices are important to financial
institutions as they effectively add value both to the banking sector and
to the general economy. We will support the Central Bank of Nigeria in
this key initiative by sharing knowledge and technical resources.”

IFC is a leading investor in Sub-Saharan Africa
and Nigeria, with a fast-growing, well-performing portfolio. IFC’s portfolio
in Nigeria stands at $1.1 billion, the largest country portfolio in Africa
and the eighth-largest globally.

About IFC

IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. We help developing countries achieve sustainable growth by financing
investment, mobilizing capital in international financial markets, and
providing advisory services to businesses and governments. In FY12, our
investments reached an all-time high of more than $20 billion, leveraging
the power of the private sector to create jobs, spark innovation, and tackle
the world’s most pressing development challenges. For more information,
visit www.ifc.org.